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California Introduces Bill to Create Program for the Unbanked and Underbanked | Lexology

April 16 2021

“Recently, the California legislature introduced AB 1177 —the California Public Banking Option Act—which would, if enacted, establish the Public Banking Opinion Board and task the Board with designing, implementing, and overseeing a program for consumers in the state who lack access to traditional banking services. Specifically, the bill would create the BankCal Program, which would […]
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Global

How Can Open Finance Help Indonesia’s Unbanked?

April 13 2021

“One hundred and thirty million: that is the number of adults within Indonesia who do not use traditional bank accounts to access financial services such as loans and credit cards. Instead, they utilize fintech services ranging from digital wallets to peer-to-peer (P2P) lending to fulfill their financial needs. Now, Bank Indonesia (BI) and the financial […]
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Clubhouse Rolls Out Payments to Over 60K Creators Following Initial Test

April 13 2021

“At the beginning of April, Clubhouse said it would give a “small test group” of creators the ability to accept payments from their fans and supporters through the social audio app. These donations go 100% to the creators, Clubhouse noted at the time. Though tests began with just 1,000 users, Clubhouse this weekend rolled out […]
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Deals

MFS Africa Leads $2.3M Seed Round in Ugandan Fintech Startup Numida

April 13 2021

“Small businesses in Africa need digital banking services including plenty of credit. Although these businesses drive economic growth and contribute up to one-third of the continent’s GDP, they are often financially excluded from credit and other financial services due to their size and informality. One such company tackling this challenge in the eastern part of […]
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Big U.S. Banks Cut Loans to Record Low, Again, as Deposits Jump

April 13 2021

“The 25 biggest U.S. banks collectively reduced their loan holdings by 8% in the year through March, according to the Federal Reserve’s latest weekly survey. Total loans fell by $447 billion to $5.45 trillion, Fed data show. Meanwhile, total deposits, which provide the funds that banks lend out to borrowers, jumped 16% to $10.13 trillion. […]
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U.S. Consumer Credit Surges by the Most Since Late 2017

April 9 2021

“U.S. consumer borrowing surged in February by the most since late 2017 as a broader re-opening of the economy from pandemic restrictions helped spark an increase in credit-card balances. Total credit jumped $27.6 billion from the prior month, the largest gain since November 2017, after a revised $94 million January gain, Federal Reserve figures showed […]

On The Wires

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Avidia Bank Announces Partnership With KyckGlobal For Next-Generation Treasury Management Products

April 16 2021

“Avidia Bank recently announced a partnership with KyckGlobal, Inc. to enhance its current portfolio of treasury management products and services. Avidia Bank currently offers a wide variety of services to businesses, including payment services, banking as a service, commercial credit solutions and a host of others. KyckGlobal features a cloud-based technology layer featuring a growing […]
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Deals

Nuvei to Acquire Mazooma, a U.S. Focused Gaming and Sports Wagering Payment Technology Provider

April 16 2021

“Nuvei Corporation (“Nuvei” or the “Company”) (TSX: NVEI and NVEI.U), the global payment technology partner of thriving brands, today announced it has entered into a definitive agreement to acquire Mazooma Technical Services Inc. (“Mazooma”), a U.S. focused gaming and sports wagering payment technology provider for approximately $56 million plus additional consideration subject to the achievement […]
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Deals

WEX Signs Definitive Agreement to Acquire Benefitexpress

April 14 2021

“WEX (NYSE: WEX), a leading financial technology service provider (the “Company”), today announced the signing of an agreement to acquire benefitexpress, a leading provider of highly configurable, cloud-based benefits administration technologies and services. benefitexpress significantly expands WEX’s offerings in benefits administration by adding a complementary suite of solutions to WEX’s Health offerings, including employee enrollment […]
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